Entrepreneurs – Test your business
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"Failures are finger posts on the road to achievement" - C.S. Lewis |
Business health check
A critical situation can arise if a company encounters several problems at the same time. It may not even be immediately apparent that such problems are potentially serious. These problems can make the company vulnerable to changes in external factors beyond its control, e.g. legal requirements or customer demand.
Such situations require very quick decision-making. But small businesses frequently don't have the resources or experience to manage crises like this, which go well beyond the day-to-day running of a business. If no proper (external) help is available, the company may well go to the wall.
The earlier you spot potential problems, the sooner you can fix them. Here are some classic warning signs to watch out for.
External |
Internal |
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Customers
Market, competition
Suppliers
Lenders
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Management
Staff
Finances
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Take 15 minutes to check you've got everything covered. It could save you a lot of time and money in future.
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